Square Cube Properties said that its shareholders have approved the management's plans to raise up to BGL 6 million ($3.5 million/€3.1 million) in an initial public offering (IPO). Square Cube Properties intends to offer 6 million shares at a price of BGL 1 apiece, according to the minutes of its recent shareholders' meeting, published earlier this month. The company plans to invest the proceeds of the offering in the purchase of land and the construction of closed-type residential properties. The IPO will be considered successful if Square Cube Properties places at least 5 million shares.